There was relief for bookmakers after El Fabiolo rsquo;s Champion Chase defeat saved them a a “multi-million pound” pasting from the punters on day two of the Cheltenham Festival.

After a Willie Mullins treble landed on day one of the meeting, the layers were staring down the barrel of a repeat after Ballyburn and Fact To File had both landed the spoils at short odds.

With the absence of Jonbon El Fabiolo was sent off the 2-9 favourite to inflict more misery on the bookies in the Betway-sponsored feature, but they were given a reprieve as the market leader’s jumping fell apart – being subsequently pulled up, with fellow Irish raider Captain Guinness limiting the damage as he obliged at odds of 17-2.

“After his opening day treble, we knew the three Willie Mullins-trained hot favourites would feature in many, many accumulators on day two, and the writing looked on the wall when Ballyburn and Fact To File landed the first two legs,” said Coral’s David Stevens.

“On this occasion, however, it wasn’t to be, and to the great relief of the layers, an early blunder from the favourite saw punters’ hopes dashed.

“It wasn’t up there with the Annie Power fall, but we needed a result and we got it, and we go into day three with all to play for.”

Lawrence Lyons, spokesperson for BoyleSports, added: “Punters were jumping for joy when Willie’s first two favourites bolted up, but El Fabiolo threatened major damage so we’re saying cheers to Captain Guinness who definitely pulled a rabbit out of the hat for us.”

Although not many punters benefitted from the victory of Captain Guinness, one winner was the ‘Rachael Blackmore – Serial Winners Fund’ with Betfair adding a further £10,000 to the charity initiative set up to raise funds for both the Injured Jockey Fund and the Irish Injured Jockeys.

“What an amazing win for Rachael and the injured jockeys’ charities in the UK and Ireland,” said Betfair’s Barry Orr.

“The pot now strands on £205,000 and hopefully there are more celebrations to come this week.”

One firm refusing to get carried away in the Captain Guinness celebrations was BetVictor, with representative Sam Boswell feeling the advantage very much lies with the punters with two days of action still to go.

He said: “After winning the first race with Ballyburn the pressure was on as punters rejoiced, Mullins then had Fact To File win the Brown Advisory Novice Chase at 8-13.

“The respite of a domestic winner in the Coral Cup was limited as Langer Dan (13-2) was a popular pick to score back to back wins.

“It came down to the Champion Chase where El Fabiolo looked set to put us to the sword. It was only a jumping error that prevented potentially significant payouts across the industry as Rachael Blackmore was able to take advantage on Captain Guinness.

“It was another big day for punters and at the halfway stage bookies are very much 2-0 down.”

Those sentiments were echoed by Paddy Power, with spokesperson Paul Binfield adding: “El Fabiolo’s unfortunate mistake was the crucial moment of the day for the bookies and was absolutely massive saving us a seven-figure payout.

“We were slightly up on the day, but after a resounding victory for punters on Tuesday, they’re still in front.”